HITCO-backed fan funding agency Corite to launch blockchain platform, closes US $2.2m pre-sale for $CO token
Swedish-born fan funding platform Corite – co-founded by Universal Music Sweden alumni Mattias Tengblad (CEO) and Emil Angervall (COO) – plans to introduce a new blockchain-based platform.
The announcement follows the successful completion of a $ 2.2 million presalee for the utility token $ CO, which is used as the local currency of. serves the platform.
The platform will Allow $ CO token holders to Participate in the funding and promotion of blockchain fans, get early access to invest in Music projects, in addition to earning “Contribution to and Participation in Governance” rewards of the Corite ecosystem, ”said a press release.
The project is being developed in partnership with Swedish blockchain technology ChromaWay pioneers.
Investors include NGC, CoinCO, Coin98, KuCoin, Kyros, Exnetworkcapital, Bella Finance, 1001 Capital, Hilbert Capital, artist Danny Saucedo and Hitco Entertainment co-founder Charles Goldstuck.
Development on The platform is already underway, a minimum viable product (MVP) is planned for the third quarter of 2021.
Corite that entered into a partnership with HITCO Entertainment from LA in Can, allows fans to invest directly in their favorite artists in exchange for earning a portion of those artists’ streaming royalties.
As part of the partnership announced in May, HITCO, led by LA Reid and Charles Goldstuck, acquired a minority stake in Corite, with which the platform is expanding into the United States.
Corite was launched in Sweden in 2019 and has since expanded to Europe. The company says thatThousands of supporters have proven to be active players in their favorite artists via the platform.
The platform has carried out and generated more than 150 campaigns Million streams. Artist collaborations include Danny Saucedo, Sabina Ddumba, Child Travis and King Charles.
“The new music industry is powered by hundreds of thousands of independent artists who use the power of fans to advance their careers.”
Mattias Tengblad, Corite
Mattias Tengblad, CEO and Co-Founder of Corite, said, “The new music industry is powered by hundreds of thousands of independent artists harness the power of fans to advance their careers.
“Blockchain technology is that perfect answer to this trend that enables artists to take control of their art with higher levels Margins and also create new sources of income by monetizing digital art and music. These we name Fan power.”
“With this next big step in the development of Corite, fans can actively invest in artists and music with the help of cryptocurrency.”
Emil Angervall, Corite
Emil Angervall, Co-Founder of Corite added, “With this next big step in Corite’s evolution, fans can actively invest in artists and music with cryptocurrency.
“Fee sharing and other utilities are” secured by smart contracts on the blockchain. Our vision is to be a real one decentralized platform – governed by artists, supported by fans. “Music business worldwide